High Demand for Accessories to Provide a Fillip to Global Men’s Wear Market, says Fact.MR
Published : 17 Sep 2018 Industry: Consumer Goods
The global men’s wear market is prophesied to increase growth on the back of the rise of celebrity endorsements to promote brands. The inclusion of celebrities in promotional activities could help the sales of premium men’s wear products to soar in the foreseeable future. Growing desire to look trendy and fashionable could be another factor stoking the demand in the global men’s wear market. An increasing number of metrosexuals is expected to augur well for the global menswear market. High demand for men’s footwear could provide a tailwind to the global men’s wear market. Men are foreseen to spend on clothing and footwear with an increase in their disposable income.
Fact.MR envisions the global menswear market to collect a US$540.4 bn by the end of 2022. Among demographics, the 26-35 segment could display a higher CAGR of 5.2% during the forecast period 2017-2022. Currently, it secures a remarkable share of the global men’s wear market. Even in the near future, it is projected to account for a sizable market share.
However, the 18-25 segment could bag a lion’s share of the global men’s wear market in terms of revenue. Expected to show a steady growth rate, it is prognosticated to lead other segments, viz. 26-35 and 66+. The 66+ segment could follow the 18-25 one even though both of them exhibit a similar growth rate. The global men’s wear market is also bifurcated into other segments such as 36-45, 46-55, and 56-65.
Among different category types that the global men’s wear market is divided into, the accessories segment is foretold to collect a larger revenue share in the coming years. However, it could rise at a moderate pace in the global men’s wear market. It is predicted to gain BPS during the course of the forecast period. By the final forecast year, its market could be valued at US$80.1 bn. Although the ethnic wear segment shows a higher growth rate, it is expected to hold a lesser share of the global men’s wear market on the basis of value. Nonetheless, it could show an increment in its market share as the demand rises.
After ethnic wear, the tops/shirts/T-shirts segment is anticipated to show promise in the global men’s wear market by gaining BPS until the end of the forecast period. It could show signs of impressive growth in the global men’s wear market. Contrastingly, sleepwear and winter wear are envisaged to show lethargic growth in the global men’s wear market. Both of these segments could exhibit a similar growth rate in the coming years. Other segments of the global men’s wear market listed under the classification by category are footwear, trousers, sportswear, and innerwear.
The premium and super-premium segments of the global men’s wear market by price are expected to show promising growth in the foreseeable future. Amongst these or other segments by price, super-premium could grow at a quicker rate in the global men’s wear market. However, the economy is predicted to gain a king’s share of the global men’s wear market. Although its market share could be two times more than that of super-premium, the economy segment is projected to lose BPS by the concluding forecast year.
By sales channel, the global menswear market is classified into online, specialty stores, franchise outlets, and modern trade. Amongst these segments, modern trade could overtake others in terms of revenue growth. It is expected to log a 4.9% CAGR and gain a dominant share of the global men’s wear market. Specialty stores could tread upon the heels of modern trade, whereas the online segment is forecast to show moderate growth in the global menswear market. Regionally, APEJ is anticipated to develop as more lucrative geography for the global men’s wear market.